Getting a bank loan against your property

Real estate is the most common form of security for a bank loan. You can get loan against your office, second home or even the house you are living in. Even the banks prefer property as security because it is easy to sell out if the person fails to payback.

One of the biggest problems faced while getting a loan against property is the estimation of the value. The bank gives you a certain percent of the total value of your security. In case of property, the value depends on the market trend and can vary significantly within a couple of days. Also, different people can give your different values of a property. Thus you will have to make sure that your property gets its best value estimated by the experts so that you can get more money for the loan. To do that you will have to submit all the details of your property to the bank. That is done using a property loan info verification sheet. As the name clearly suggests it is a document that provides all the details of a property. The bank then verifies the details and gets an estimated value for it.

In order to make sure that the details you submit are property understood by whoever is going to estimate the value you should download the format for property loan info verification sheet from the internet. This general format is recognized by all banks. Get the format printed out and fill it properly.

Property Loan Info Verification Sheet

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Sample Template Preview

Property Loan Information Verification Sheet

Property:___________________            Date Verified: ___________
1. Loan Origination Date                    __________________
2. Loan Origination Amount                 __________________
3. Type of Loan (FHA, VA, Con, Non-Con)        __________________
4. Maturity date?                        __________________
5. Current interest rate?                    __________________
6. Current principal balance?                __________________
7. Current status (payments current?)            __________________
8. Outstanding late fees or other charges?            __________________
9. Date of month when payment is due?            __________________
10. Does it have a prepayment penalty?            __________________
11. Does it have a balloon?                    __________________
12. Are Taxes & Insurance Escrowed?            __________________